Sun. Mar 26th, 2023

Last Updated: March 20, 2023, 02:45 IST

Chairman of the Board of Directors of Credit Suisse, Axel Lehmann attends a news conference on Credit Suisse after UBS takeover offer, in Bern, Switzerland, March 19, 2023. (Image: Reuters)

Credit Suisse made this announcement after intense talks in Bern on Sunday

UBS will take over stricken rival Swiss bank Credit Suisse for “a merger consideration of three billion Swiss francs”, ($3.24 billion), Credit Suisse said in a statement Sunday following intense talks in Bern.

“All shareholders of Credit Suisse will receive one share in UBS for 22.48 shares in Credit Suisse as merger consideration. This exchange ratio reflects a merger consideration of three billion Swiss francs for all shares in Credit Suisse,” the troubled bank said, with chairman Axel Lehmann adding: “Given recent extraordinary and unprecedented circumstances, the announced merger represents the best available outcome.”

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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)

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